I want to have ALGO with following strategy.
Time frame - 10min
Mode - bullish
Entery criteria -
1st 10min candle green.
2nd 10 min candle green and breaking high of 1st candle.
Stop loss criteria is very tight to avoid false breakouts - Stop loss is at half of the total length of 1st green candle. (ALGO will measure length of 1st candle, and Calculate its half)
No gap up, gap down criteria.
Rejection criteria - reject stocks with 1st red candle. Reject stocks with 2nd candle NOT breaking high. Setup is for 1st two candle, so reject all stocks which doesn’t have this setup.
Risk reward ratio -
Target is 1 percent only.
Stop loss is 0.5 to 1 percent (as half of 1st candle)
So its 1:1 risk reward ratio roughly.
Suppose, ORB happens in 10 trades.
More than 5 trades should hit target.
That makes risk reward balanced.
I observed many breakouts are false and Stop loss was hit more. Any suggestions on this?
Please help. Is this algo possible? Where, how…